The Last Lid Shark Tank Update | The Last Lid after the Shark Tank Pitch
What is The Last Lid?
The Last Lid was a heavy-duty cloth garbage can lid that could be reused. It was made to be waterproof and adaptable to suit any garbage container.
The Last Lid was also intended to function as a deterrent to keep wild creatures like raccoons out of the garbage, as well as to keep the contents contained if the trash may be pushed over.
Kevin and Melissa Kiernan, a husband and wife team, invented the Last Lid.
Melissa holds a bachelor’s degree in Arts and Sciences from the University of Hartford. She worked as an event organizer before splitting with Kevin and now works as a realtor for a firm in New Jersey.
Kevin has a BA in Business from Villanova University. He has a background in sales and information technology, and he specializes on automotive demands.
His LinkedIn page states that he is now “covering holes in some areas with patented items.”
The Last Lid arose from the couple’s morning habit of finding and replacing the garbage bin lid, which was frequently laying yards away from the knocked over trash can owing to nightly assaults by wild animals toppling it over and leaving a mess.
After many run-ins with the obnoxious rodents, the cover mysteriously vanished one day.
Kevin gave up after looking for a long time and decided to create his own, including performing video surveillance of the offenders to improve the product.
They had a prototype design, a good business strategy, and everything set to go; all they needed were investors who believed in their pre-revenue product.
Who Founded The Last Lid?
Kevin Kiernan and Melissa Kiernan.
What happen to The Last Lid at the Shark Tank Pitch?
Kevin and Melissa both show their faith in their product before to entering the shark tank, indicating that they anticipate it to be carried in every store.
The Kiernan’s were looking for $40k for a 20% stake in the company. This equates to a $200,000 value.
When Kevin and Melissa pitched to the Sharks, they were practically at the prototype stage.
The pair did not make any sales, but their invention was unique in the market; there are no other universal garbage can lids on the market.
Robert Herjavec – isn’t interested since it’s a cloth cover and he doesn’t see the value.
Kevin O’Leary – is dissatisfied with the figures, claiming that there is insufficient margin. He’s gone.
Lori Greiner – like their enthusiasm but not the product; she, too, is out.
Mark Cuban – says it’s a given that garbage cans are all over the place, and you haven’t mentioned the expenses or what it will sell for.
Mark shares the same concerns as Kevin, but he believes it is a promising product that will take time to develop. He’s gone.
Daymond John, who claims to have just gone in search of a replacement trash can lid, loves the product but not the price.
He requests that the Kiernans come up with a better figure. Kevin replies with a $40K offer for a 60 percent stake in the company, which Daymond accepts.
The Last Lid after the Shark Tank Pitch?
The agreement with Daymond was concluded, and they then created an online video to sell directly from their website.
So far, internet sales have been disappointing. The Kiernans and Daymond are working on a television ad, but progress is slow.
Everyone feels the Last Lid will sell well at home improvement stores and hardware stores, but putting the product on the shelves is taking a long time.
The Kiernans have had license conversations with at least one corporation, but nothing has been completed.
In summary, the product is still in its early stages. In 2015, the company was sold.
“The Last Lid was eventually sold to a big retail firm in the garbage can manufacturing vertical,” according to Kevin’s LinkedIn page.
It is no longer in stock. The pair is no longer together. Kevin owns a product development firm in New York City, while Melissa works as an “amazing realtor” at Coldwell Banker in Closter, New Jersey.
The Last Lid Net Worth
The Kiernans were looking for $40k for a 20% stake in the company. This equates to a $200,000 value. The couple accepted an offer from Daymond of $40,000 for 60% stake. This shows a valuation of $666,666.66
The Last Lid Competitors
There is no competitor.
The Last Lid FAQS
What happened to the Last Lid after shark tank?
As of 2015, the company had gone out of business after being purchased by a huge garbage can manufacturing company.
They have a dead website that is for sale, as well as stagnant social media sites.
Is Last Lid still in business?
In 2015, the company was sold. “The Last Lid was eventually sold to a big retail firm in the garbage can manufacturing vertical,” according to Kevin’s LinkedIn page. It is no longer in stock.
Who founded The Last Lid?
Kevin and Melissa Kiernan are the founders of The Last Lid.
What is The Last Lid worth now?
The Last Lid’s current net worth is unknown at this time. It has stopped production and has been sold to another company. The sale figure is unknown at this time.
What were weaknesses of The Last Lid?
The weak point of the Last Lid is that it did not make much sales. Although Daymond John was a fan of the product, he thought that it would not be able to sell well.
What materials is The Last Lid made of?
The Last Lid is made from 100% heavy-duty fabric recycled materials.
How much money did The Last Lid make?
The Last Lid did not make any sales, so they could not make any money.
How much does The Last Lid cost?
Each cover costs about $3.50 to make and they plan to sell two for $19.95.
Was The Last Lid a franchise?
No, the Last Lid was not a franchise.
What was The Last Lid?
It is a washable fabric that covers most brands and shapes of garbage cans.
What is the biggest failure Kevin has made on the show?
Kevin’s regret was getting rid of half of his stake in The Last Lid too quickly. He should have held onto it more resolutely and continued to develop the product.
What is Kevin’s Kiernan net worth?
Where is Kevin’s Kiernan now?
Kevin is running a product development company in New York City.
When was The Last Lid featured on Shark Tank Pitch?
The Last Lid was featured in February 17, 2021.
Is The Last Lid Waterproof?
It was designed to be water-resistant and adjustable to fit any trash can.